Lehman surplus distribution

By Brian Cain

The High Court has decided how the expected surplus assets of Lehman Brothers International Europe (LBIE) should be distributed between a number of creditors whose claims include subordinated loans, statutory interest and foreign currency conversion losses.

LBIE, an unlimited company, went into administration in 2008. A surplus of assets once unsubordinated creditors had been paid in full existed. LBIE shareholders were LBL and LBHI2. LBHI2 had made billions of dollars available to LBIE by way of subordinated loans…

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